Yesterday insurance blockchain consortium The Institutes RiskStream Collaborative announced a new working group for Surety Bonds, which are usually required by government and construction contractors to ensure they fulfill their obligations to their client. The focus is on verifying power of attorney registration. If it launches in 2022, it’s estimated that by 2025 the use case could save $175 million in costs.
The consortium, which boasts more than 40 members, is working with the International Credit Insurance & Surety Association (ICISA) for this solution.
“We feel the amount of use cases for blockchain and distributed ledger technology within the Surety Bonds sector are limitless, so the power of attorney working group is likely just the beginning,” said Christopher McDaniel, president of The Institutes RiskStream Collaborative.
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